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Speaking at MLB’s annual winter meetings in San Diego, Manfred said current Mets owners Fred Wilpon and Saul Katz followed league protocol by making him aware of their intent to sell the team and updating as negotiations progressed. Since Cohen has served as a minority owner for several years before the deal was announced, the ownership transition has a degree of continuity.
“I do not expect that there will be any governance issues associated with the plan that they have in place for the transition of the Mets,” Manfred said, according to the New York Post. “It’s a pretty standard-looking transaction in terms of path-to-control and transition.”
Cohen will become the Mets' majority owner and “control person” – league parlance for the individual who holds voting rights – after a five-year transition period. In the interim, Wilpon will remain as control person and Mets CEO, while his son, Jeff Wilpon, will remain as COO.
Cohen will eventually hold an 80 percent stake in the franchise. He will remain at the helm of his hedge fund, Point 72 Asset Management, while his family office, Cohen Private Ventures, will manage the Mets.
Any MLB franchise sale is subject to league approval.
Cohen, 63, has a personal net worth of more than $13 billion, according to Forbes. His deal to buy the Mets valued the team at $2.6 billion.